Toll Brothers' Shares Higher After Better-than-Expected Quarterly Results

Toll Brothers  (TOL) - Get Reportshares were up over 1% Tuesday after the luxury home building company reported adjusted quarterly profit of $1.15 a share, beating analysts estimates by $0.16. Revenue of $1.86 billion increased over 29% and also beating forecasts. CEO Douglas Yearley says the company benefited from healthy demand, limited competition in many markets, superior land positions, a financially strong buyer base and a highly recognizable brand. The company also says that data highlights a continuing recovery of home prices to pre-recession levels. Deutsche Bank analysts rate the company as a buy and raised their target price to $42.